In this video clip Daniel Kavishe, RMB Africa Economist and author of the Where to Invest in Africa 2021 report, takes a closer look at the extent of the pandemic’s impact and other factors affecting Egypt’s investment-attractiveness ranking.
In pole position once again, we've got Egypt, an economy which is not only big in size in terms of its market share relative to the other African economies, but also an economy that we expect will be growing by anywhere between 3-4%, if not higher, over the next few years.
Now, supporting the Egyptian economy is the fact that they've managed to bounce back from an IMF programme. So when they entered this pandemic, they were one of the first countries we found that still managed to edge out growth, even in the midst of 2020.
This is despite the fact that the tourism industry was pretty much decimated, given the travels had stopped.
But then also at the same time, they were impacted by what was going on generally with lower oil and gas prices globally and the impact that they think that that would have on future investments within that sector.
Despite this, the non-oil sector of the Egyptian economy seems to be recovering well. They seem to have managed to get vaccination going across the country, and they're one of the few countries which we think will also be able to start manufacturing some of these pharmaceutical necessities over the next few months.
A key economy to watch over the next few years.